"We are going into the most competitive and the richest football league and we want to remain there," he told BBC Radio WM.
"The way we do that is by investing in quality players. We didn't do enough of that first time round.
"We've got the basis of a good young team, and it needs to be supplemented with a number of very experienced, tried and tested players," said Moxey.
"Mick has been in this situation before and experienced what he experienced at Sunderland.
"We went to the Premier League and didn't do enough and we want to make sure this time we do everything we need to do to make our supporters proud once more."